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Établissements Maurel & Prom Société anonyme is engaged in the exploration and production of oil and gas properties in Africa and Latin America. It operates two segments, Exploration and Production. As of January 1, 2014, the company had oil reserves of 141.7 MMbbl. Établissements Maurel & Prom Société anonyme was founded in 1813 and is based in Paris, France.

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Établissements Maurel & Prom Société anonyme Reports Consolidated Sales Results for the Fourth Quarter and Full Year of 2014

Jan 22 15

Établissements Maurel & Prom Société anonyme reported consolidated sales results for the fourth quarter and full year of 2014. For the quarter, the company reported sales of EUR 111.5 million.
For the year, the company reported sales of EUR 550.2 million compared to EUR 580.3 million reported a year ago.

Etablissements Maurel & Prom announced a new $650 million revolving credit facility signed with a consortium of banks, split between an initial tranche of $400 million and a $250 million accordion feature which may be drawn twice under certain conditions. The terms of the new facility are as follows: borrower: Etablissements Maurel & Prom; initial amount: $400 million; accordion feature: $250 million; maturity: December 31, 2020, that is 6 years; first repayment: December 31, 2016; interest rate: LIBOR + 340 bps until December 31, 2018 and 365 bps thereafter. This borrowing arrangement - which allows the group to close MP Gabon's $350 million line of credit currently in repayment (residual debt of $270 million as of December 19, 2014) - releases additional cash reserves of $130 million. In addition, this new line gives Maurel & Prom access to an additional borrowing capacity of $250 million available for investment opportunities that may arise as the market develops. At current prices, assets in production in Gabon are generating positive cash flow, offering Maurel & Prom the possibility of independently setting its own growth and development strategy.

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